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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteMedia stocks do not have one standard valuation, and technology stocks do not automatically deserve a premium. In a U.S. industry dataset dated January 2026, advertising and broadcasting have very different multiples; in a separate Australian TMT sample, software trades at higher FY2026 forward multiples than digital and traditional media. Those figures illustrate why the comparison depends on the companies, metric, geography, and earnings being measured—not just the sector label.
Why a sector-wide comparison can mislead
“Media” and “technology” are not universal peer-group definitions. Under S&P Dow Jones Indices’ GICS descriptions, media and entertainment sit within Communication Services alongside telecommunications, while Information Technology includes areas such as software, IT services, hardware, and semiconductors. A broad label can therefore combine businesses with very different revenue models and risk profiles. S&P Dow Jones Indices’ sector descriptions explain the classification framework.
Even within media-related businesses, advertising and broadcasting can produce sharply different multiples. Streaming platforms, publishers, cable businesses, and content owners may differ again. A useful comparison starts with the actual companies and their revenue mix, rather than assuming that all media or technology firms behave alike.
What the dated valuation data show
The figures below come from two distinct samples and should not be combined as though they measured the same companies or market. Damodaran’s U.S. industry aggregates are dated January 2026; InterFinancial’s Australian TMT update is dated 28 January 2026 and uses FactSet estimates, mostly for FY2026.
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| Sample and measure | Media-related category | Technology category | Scope |
|---|---|---|---|
| Forward P/E | Advertising: 52.87 | Not stated for a directly comparable technology category | U.S. industry aggregates, January 2026; Damodaran |
| Forward P/E | Broadcasting: 17.50 | Not stated for a directly comparable technology category | U.S. industry aggregates, January 2026; Damodaran |
| EV/EBITDA, all firms | Advertising: 15.12 | Not stated for a directly comparable technology category | U.S. industry aggregates, January 2026; Damodaran |
| EV/EBITDA, all firms | Broadcasting: 7.66 | Not stated for a directly comparable technology category | U.S. industry aggregates, January 2026; Damodaran |
| EV/EBITDA, positive-EBITDA firms only | Broadcasting: 7.85 | Not stated for a directly comparable technology category | U.S. industry aggregate, January 2026; Damodaran |
| FY2026 forward EV/EBITDA | Digital & Traditional Media: 7.7x | Software (SaaS/Licence): 23.3x | Australian TMT subsectors; InterFinancial, 28 January 2026; FactSet estimates |
| FY2026 forward P/E | Digital & Traditional Media: 10.2x | Software (SaaS/Licence): 195.8x | Australian TMT subsectors; InterFinancial, 28 January 2026; FactSet estimates |
| FY2026 forward EV/Sales | Digital & Traditional Media: 1.3x | Software (SaaS/Licence): 10.7x | Australian TMT subsectors; InterFinancial, 28 January 2026; FactSet estimates |
The Australian software P/E of 195.8x is especially sensitive to the earnings denominator and sample composition; it should not be read on its own as evidence that every software company is expensive. The U.S. and Australian figures also differ in geography, industry grouping, and methodology, so they are illustrations rather than a direct cross-market ranking.
What the multiples measure
Price-to-earnings (P/E)
P/E compares a company’s share price with earnings per share. A trailing P/E uses recent reported earnings; a forward P/E uses expected earnings. Because the denominator is earnings, a small or negative figure can make the ratio unusually high or unusable. In Damodaran’s January 2026 U.S. data, 78.85% of Advertising firms and 70.83% of Broadcasting firms were trailing money-losers. That makes the headline P/E figures particularly important to interpret in light of losses and the dataset’s aggregation method. See Damodaran’s U.S. sector P/E data.
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Enterprise value to EBITDA (EV/EBITDA)
EV/EBITDA compares enterprise value—the value of equity plus debt, less cash—with earnings before interest, taxes, depreciation, and amortization. It can help when companies have different leverage, but EBITDA is not cash flow: it does not account for capital spending, working-capital needs, or the cost of debt. Damodaran reports both all-firm and positive-EBITDA versions, which are not interchangeable. His January 2026 U.S. enterprise-value multiples show the distinction.
Enterprise value to sales (EV/Sales)
EV/Sales can be useful when earnings are low, volatile, or negative, but revenue alone does not establish value. A high ratio may be more defensible for a business with strong margins or a credible path to profitability than for one with weak margins and heavy costs. Compare sales multiples alongside growth, gross and operating margins, and cash generation.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsWhy technology may trade at a higher multiple
A higher multiple can reflect expected future performance as well as current price. Higher expected growth, stronger profitability, durable recurring revenue, or lower perceived risk may support a higher valuation. Weaker growth, cyclical earnings, leverage, substantial content investment, or uncertain monetization may weigh on it. These are questions to test for each company, not traits shared by every technology or media business.
CFA Institute’s market-based valuation curriculum explains that P/E depends on factors including growth and required return, while EV/EBITDA is influenced by growth, profitability, and weighted average cost of capital. The framework is useful for explaining why two businesses with different prospects or risks may warrant different multiples; it does not make a sector label a valuation verdict. CFA Institute’s guidance on market-based valuation covers these relationships.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare a media stock with a technology stock
- Define the peer group. Match business model and revenue mix first—for example, a subscription software firm against a comparable recurring-revenue business, not an undifferentiated technology index.
- Align the measurement. Use forward multiples against forward multiples or trailing against trailing. Match fiscal periods, currency, geography, and accounting basis where possible.
- Check the earnings denominator. Confirm that earnings are positive and representative before relying on P/E. For EV/EBITDA, note how loss-making or negative-EBITDA companies are handled.
- Compare fundamentals. Consider expected growth, margins, profitability, leverage, cyclicality, reinvestment needs, and risk. Similar multiples can still mask different business quality and capital requirements.
- Use more than one lens. P/E can work when earnings are positive and reasonably representative; EV/EBITDA can help when leverage differs; EV/Sales needs margin and profitability context. Historical ranges and comparable-company multiples add context but do not decide whether a stock is attractive.
For individual-stock decisions, the practical question is not simply which sector has the higher multiple. It is whether the price is reasonable relative to that company’s expected cash-generating ability, risks, and the assumptions embedded in the chosen measure.
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